Coca-Cola Beverages Africa (CCBA) has announced a significant leadership transition, revealing that CEO Jacques Vermeulen will retire following 28 years of service within the Coca-Cola system.
CCBA has appointed Sunil Gupta, the current chief financial officer for The Coca-Cola Company’s Bottling Investments Group (BIG), as Vermeulen’s successor, effective from April 1, 2024. Gupta boasts a career spanning 25 years within the Coca-Cola system, possessing extensive operational and financial experience across various functions such as commercial, supply chain, IT, human resources, among others. He has served as CFO of BIG since 2018, contributing to its transformation and turnaround. Prior to his tenure with BIG in Singapore, Gupta held roles within Coca-Cola FEMSA operations in the Philippines and the company-owned bottler in India. Before joining the Coca-Cola system in 1999, he held positions with Bank of America NT&SA, Casio India Limited, and Ernst & Young International in India.
Gupta, a qualified Chartered Accountant with a bachelor’s degree from the University of Delhi, has also completed executive programs at INSEAD Business School in Singapore and the Wharton School of the University of Pennsylvania in Philadelphia.
Sunil Gupta will play a pivotal role in The Coca-Cola Company’s plans to list CCBA as a public company through an initial public offering (IPO) once market conditions become more favorable.
During the transition period until Gupta assumes the CEO role, Norton Kingwill, CCBA’s chief financial officer, will serve as the acting CEO. Kingwill’s close collaboration with Vermeulen is expected to ensure stability and continuity during the handover.
Chairman of the Board at CCBA, Bruno Pietracci, expressed gratitude to Vermeulen for his significant contributions, stating, “He guided CCBA through a global pandemic, a strong recovery, and laid the foundations for continued superior growth.”
In response, Vermeulen expressed gratitude for the opportunity to lead CCBA over the past five years, commending the teams for their dedication and resilience in growing a sustainable business. He conveyed confidence in CCBA’s ongoing success, emphasizing collective efforts in collaboration with employees, customers, partners, and stakeholders.